How Do I Approach A Note Holder?

I am interested in a duilding on the lot next to mine. In checking I see that someone bought it in 2005 and has since done little with it. They have a mortgage from a hard money lender who had to do a modification/extension on the note this year and now requires monthly payments.
I would like to buy the Note but am not sure how to go about it.
Should I just contact the Note holder and ask to buy the note? Or should I just contact the owner with an offer? Is there anyway other than via the note holder to know if the note is in default